Corn is mostly a nickel lower.
- Corn futures are weaker in corrective trade in the wake of Friday’s gains.
- USDA reported daily sales of 148,971 MT to unknown destinations during 2025-26.
- USDA reported export inspections of 1.51 MMT (59.5 million bu.) for the week ended Sept. 11, up 68,512 MT from the previous week and above analysts’ pre-report range of 1.0 MMT to 1.5 MMT.
- Rain in Canada’s Prairies and northern U.S. Plains and northwestern Midwest may disrupt some harvesting and slow coarse grain and oilseed maturation rates at times this week, according to World Weather Inc.
- December corn futures are facing resistance at the 200-day moving average of $4.39 1/2 while the 10-day moving average of $4.20 3/4 serves as initial support.
Soybeans are mostly a penny lower, while soymeal is around $2.00 lower. Soyoil is fractionally higher.
- Soybeans are modestly weaker as meal weakness curbs momentum.
- USDA reported export inspections of 804,352 MT (29.6 million bu.), up 336,728 MT from the previous week and above the pre-report range of 200,000 to 730,000 MT.
U.S. and Chinese trade officials discussed TikTok, trade and the global economy during high-level talks held in Madrid, Spain Sunday. Talks are expected to continue today.
- Today’s National Soybean Processers Association (NOPA) report is expected to show members crushed 182.857 million bushels in August, according to a Reuters poll. If realized, it would be down 6.6% from July but up 15.7% from August 2024. It would also be the largest August crush on record as NOPA membership has grown amid crush expansion in recent years. Soyoil stocks as of Aug. 31 are projected at 1.298 billion pounds.
- India’s palm oil imports jumped to the highest level in more than a year during August, amid competitive pricing relative to soyoil prompted refiners to step up purchases, according to Reuters.
- November soybeans are facing resistance at $10.54, which is backed by the June high of $10.74 1/4. Initial support lies at the 20-, 10-, 100, 200- and 40-day moving averages, layered from $10.35 1/2 to $10.26 1/4.
Wheat futures are mostly 2 to 3 cents higher.
- SRW wheat futures are posting gains for the third straight session amid support from a weaker U.S. dollar and questionable planting conditions in Ukraine.
- USDA reported export inspections of 755,073 MT (27.7 million bu.), up 325,957 MT from the previous week and above the expected pre-report range of 300,000 to 600,000 MT.
- Up to 60% of Ukrainian land intended for sowing winter grain crops is dry and sowing in these areas is currently impractical, according to consultancy APK-Inform on Monday, citing state meteorologists.
- Russia’s economy ministry issued a guide to facilitate foreign barter transactions to help circumvent SWIFT disconnection and secondary sanction fears. Russia has reportedly swapped wheat for Chinese cars to avoid Western sanctions.
- December SRW futures have edged above the 20-day moving average, trading at $5.25, while the 10-day moving average of $5.22 serves as initial support.
Live cattle are notably higher, while feeders are posting strong gains at midsession.
- Nearby live cattle are solidly higher in corrective trade, despite fading cash and wholesale fundamentals.
- Choice boxed beef fell 75 cents to $400.04 on Friday, while Select fell $1.51 to $378.44. Movement totaled 128 loads.
- Cash cattle trade turned active last Friday at lower prices.
- October live cattle are holding a range between the 10- and 20-day moving average, trading at $345.35 and $235.23 and the 40-day moving average of $230.62.
Hog futures are firmer at midmorning.
- Nearby lean hogs are firmer in narrow trade as resistance stems from last week’s contract high despite improved cash fundamentals.
- The CME lean hog index is up 10 cents to $106.14 as of Sept. 11.
- The pork cutout value rose $1.34 on Friday to $114.51 amid gains in all cuts aside from Primal picnics. Movement totaled 372.9 loads.
- October lean hogs are trading within Friday’s upper range, limited by last week’s high of $98.45, while initial support lies at $97.40 and is backed by the 10-day moving average.